- Ethereum continues to trade within the $3.1K range.
- The market saw a liquidation of $70.43 million in Ethereum.
After a brief recovery from the bear trap, Bitcoin moved toward the $105K mark. However, the largest altcoin, Ethereum (ETH), seems reluctant to follow suit, pointing to a potential pullback.
Ethereum price has battled to advance higher above $3.2K but failed and slipped back. ETH is now consolidating losses and in the early hours, before the appearance of bulls, it has dipped to the $3,055 level. Later, the asset has visited its daily high of $3,213.
ETH has a modest spike of over 1.31% in the past 24 hours, and it opened the day trading at $3,131. As of this writing, the altcoin traded at $3,185 with its daily trading volume reaching $24.22 billion. Notably, the market has observed a liquidation of $70.43 million worth of Ethereum.
On the other side, the Ali chart infers Ethereum’s MVRV has fallen below its 160-day moving average again. The last time this occurred was on June 23, 2024, resulting in a price correction of around 40%, with Ethereum dropping from $3.5K to $2.1K. A similar price pullback could happen again if the trend continues.
Furthermore, the market analysts anticipate a February rally that could bring back Ethereum. If it could resume its uptrend, $4K is within grasp, and additional gains might follow.
Will ETH’s Slide Continue or Reverse?
Breaking down the ETH/USDT trading pair’s four-hour price chart reveals weak momentum in progress. If the altcoin remains trapped in the bearish pattern, it could face a downside correction at $3,154. Ethereum’s inability to sustain this range might stimulate a steep slide toward $2.9K.
Presuming the outbreak of ETH’s uptrend, the altcoin’s price might test the immediate resistance ranges at $3,267 and $3,319. Ethereum’s extended growth trajectory could break past these ranges and possibly push the price toward its previous high at the $3.4K mark.
Moreover, both the Moving Average Convergence Divergence (MACD) line and signal line are settled beneath the zero line. This crossover signals that the asset is in the negative territory in the market, with the potential for further declines.
Besides, the Chaikin Money Flow (CMF) indicator, stationed at -0.03, suggests an outflow within the Ethereum market. It experiences more selling pressure than buying pressure. Meanwhile, its daily trading volume has increased by over 22.84%.
Ethereum’s daily frame displays the daily relative strength index (RSI) at 50.86 indicating that the asset is in a neutral zone with no strong momentum in either direction. Ethereum’s short-term 50-day MA is found below the long-term 200-day MA.
